The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Tuesday related to the global economy, the work place and the spread of the virus.
________________________
ARE WE THERE YET?: Decisions about when it’s safe to reopen businesses have created fissures at the federal and state level, but that movement has already begun in dozens of states and across several industries.
— The owner of Outback Steakhouse and other national restaurant chains is opening the doors at hundreds of restaurants in multiple states Tuesday.
There are already 23 Outback Steakhouse restaurants open for dine-in service at limited capacity, and Bloomin’ Brands said 336 dining rooms will reopen Tuesday.
— Children’s clothing company Carter’s plans to reopen some of its stores later this week. Although the chain closed its retail stores because of the pandemic. Carter’s has been selling apparel online and through retailers that have remained open, like Target and Walmart.
CENTRAL GOVERNMENTS & BANKS: The seizing up of the global economy is distorting trade and smothering production.
— The end of most economic activity during April’s strict lockdown drove unemployment in Spain to 3.8 million people, the highest figure in nearly four years.
Altogether 282,891 people registered as jobless in April, or 8% more than a month earlier, according to data published Tuesday by Spain’s Labour Ministry. The jobless statistics don’t include the millions of workers in Spain that have been furloughed or who are working vastly reduced hours.
— Hong Kong will begin relaxing some social distancing measures, allowing businesses such as gyms, movie theaters and beauty salons to reopen.
Businesses must continue to observe social distancing measures, Hong Kong chief executive Carrie Lam said Tuesday. Movie theaters are not allowed to operate at maximum capacity. Restaurants must continue to space tables at least five feet apart and provide hand sanitizer to customers.
— Several German states are setting out plans to reopen restaurants and hotels in the coming weeks.
Governor Markus Soeder of Bavaria, the state with Germany’s highest per-capita coronavirus infection rate, said Tuesday that restaurants will be able to serve outdoors starting May 18th. Restaurants can start serving indoors a week later, with limited numbers of customers. Hotels can open May 30, but their saunas, swimming pools and other facilities will remain closed.
MARKETS:
— World stock markets and the price of oil rose on Tuesday as more countries eased restrictions on business and public life, raising hopes for a recovery from a historic economic plunge.
This post was originally published on this site
